Success Story Roundup: Digital Transformation in Insurance
As competitive pressures mount and disruptive digital firms redefine the industry, insurance enterprises must remain agile and deliver an all-digital customer experience. By doing away with manual and paper-centric workflows and bringing digital capabilities to every process, insurance providers can make big strides towards achieving their business goals. That’s where digital transformation comes into play.
Read on to discover how the top players in the insurance industry are achieving their digital transformation goals and uncovering bigger business value by enriching their critical data and documents.
From Days to Minutes: Insurance Company Gets Digital Transformation Right
For a multinational insurance enterprise that underwrites over $11.4 billion of premium per year, arduous paper-based processes prevented the company from responding to claims in a timely manner. To remain competitive, the organization knew they could no longer leave customers waiting for 10 or more days for a response. However, the struggle to process, organize, and analyze its vast volumes of digital and paper-based documentation prevented the organization from responding to customers in a timely manner.
Adlib helped this insurance provider facilitate the implementation of a digital mailroom solution—reducing claims processing time from days to minutes.
Insurance Company Automates Critical Policy Ingestion Workflows to Accelerate Processing Time
For a Fortune 500 insurance provider , labour-intensive manual processes and lack of document searchability prevented the organization from processing a higher volume of incoming policies.
The organization struggled to manage the vast volume and variety of data that flowed into its enterprise—scanned images, emails, SFTPs, and documents received through its digital Dropbox—and relied on manual intervention to convert these documents into a standardized format. The resulting inefficiencies led to 24,000 delays or stoppages in the data capture process per month and $100 million in lost revenue each year.
This organization reduced its top cost centers, improved the customer experience, and eliminated error-prone manual efforts.
Global Insurance Company Executes Digital Transformation Project to Solve Physical Data Migration Hurdle
For one of the world’s largest insurance providers, an office move necessitated a full-scale data migration. However, the cost and timing associated with a migration of this size—9,000 days and $22 million—proved too prohibitive and time-intensive.
The company knew that simply “lifting and shifting” the 50,000 tons of paper documentation accumulated over 50 years of operations would do little to improve business outcomes. To drastically reduce its costs, eliminate human error, and enrich its data before the move, the organization turned to Adlib.
This company leveraged the migration process to enrich its data, enhance decision-making, and accelerate customer response times.
International Reinsurance Provider Standardizes 200 Million+ Pages a Year with Adlib to Fuel Big Data Analytics
Big Data analytics and AI promise to transform organizational data into better business insights. But to realize the full benefits of these powerful tools, enterprises must focus on improving the quality and accessibility of their data.
For one of the largest reinsurance providers in the world, identifying the insights buried within millions of unsearchable documents proved challenging. With little control over how documents were generated, the organization wasn’t confident of the fidelity, accuracy, or usability of this data.
This organization gained actionable insights from their data, uncovered and addressed hidden risks in their contracts and policies, and achieved their digital transformation goals.